Blockchain Startup VeChain Teams With Risk Management Giant DNV GL

Risk management giant DNV GL has teamed with Singapore-based blockchain startup VeChain to develop a more efficient and transparent record of asset ownership.

DNV GL is an international accredited registrar and classification society headquartered near Oslo, Norway. The company currently has about 13,550 employees and 350 offices operating in more than 100 countries. It provides services for several industries, including maritime, renewable energy, oil & gas, electrification, food & beverage, and healthcare.

VeChain, which launched in November 2016, is an enterprise software designed to create, manage, maintain, and update shared data about products in the supply chain. VeChain focuses on four areas: anti-counterfeiting, supply chain management, asset management, and client experiences.

Under the partnership, both companies will work together to develop a blockchain platform to track food and beverages, as well as fashion and retail. The ultimate goal is to apply the solution to the aerospace industry.

DNV GL CEO Luca Crisciotti said the partnership with VeChain will enable their digital solutions to address changing needs in the data-driven economy.

“By leveraging the Internet of Things and blockchain technology, we are reinventing the assurance process,” said Crisciotti. “Our Digital Assurance Concept will provide both companies and consumers with an unprecedented degree of insight into product and supplier information, to an extent and with an accuracy which have not been possible before.”

“Blockchain has many applications beyond the financial sector and I’m glad that DNV GL has recognized the revolutionary impact it can bring to supply chain management,” said VeChain CEO Sunny Lu. “Together, we combine assurance and blockchain to help customers improve trust in their products across multiple dimensions, from quality and safety to performance aspects.”

Under the guidance of DNV GL, VeChain also signed an exclusive strategic partnership agreement with NRCC. NRCC specializes in the professional development of domestic companies, or organizations, that actively seek international standards and approvals.

The focus of the partnership is to develop solutions for China’s tobacco industry via NRCC’s partnerships with the State Tobacco Monopoly Administration and the China National Tobacco Corporation. VeChain will be providing proof of origin and anti-counterfeit technology to track Chinese produced tobacco products throughout the entire supply chain.